Hibbett changes name, declares first cash dividend

Athletic-inspired fashions are the heart of a typical Hibbett store. Photo courtesy of Hibbett.

Birmingham-based Hibbett Sports Inc. today changed its name to simply Hibbett Inc., but will continue its focus on athletic-inspired fashion and retain its NASDAQ ticker symbol: HIBB.

Also today, the company declared its first ever quarterly cash dividend of $0.25 per share.

“Over the past several years, we have transitioned our corporate strategy to emphasize the athletic-inspired fashion merchandise that our customers covet,” said Mike Longo, Hibbett president and CEO. “Our new corporate name of Hibbett Inc. better reflects our consumer centric Toe-to-Head focus that leads with in-demand footwear and provides cross-category connectivity to our apparel and accessory offerings.

“While we will continue to offer select products for customers that participate in individual and team sports in a number of stores and through our best-in-class omni-channel platform, providing a compelling assortment of athletic-inspired fashion footwear, apparel and accessories to underserved neighborhoods and communities across the United States will remain our primary focus.”

Discussing the dividend announcement, Anthony Crudele, chairman of Hibbett’s board, said, “The decision to initiate a quarterly cash dividend is the result of the Board’s confidence in the Company’s financial strength and ability to generate strong cash flows from operations. A quarterly cash dividend, in addition to the recently expanded share repurchase authorization, demonstrates the Company’s commitment to returning value to shareholders while managing the balance sheet in a prudent fashion.”

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The declared $0.25 cash dividend will be paid on July 20, 2021, to stockholders of record at the close of business on July 8, 2021. Future dividends will hinge on business conditions, the company notes.

Hibbett has 1,071 Hibbett and City Gear shops in 35 states. It is one of eight NASDAQ listed companies headquartered in Alabama.

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